After several close calls, Amazon AMZN, +2.27% officially became the fourth tech company to join the $1 trillion club Tuesday. Shares of Amazon increased 2.3% , to close at $1.021 trillion in market value, according to FactSet.
The e-commerce giant has touched $1 trillion on Monday and last week, but failed to maintain the valuation through the close. It also was above $1 trillion in intraday trading last July and on Sept. 4, 2018, but fell short each time. Market capitalizations are only considered official at the close of trading.Amazon’s latest journey toward $1 trillion was in reaction to strong fourth-quarter results released Thursday afternoon.
Tech’s biggest brands have cracked the so-called four-comma club despite investigations of their business practices and market dominance by the Department of Justice and Federal Trade Commission. In addition to Amazon, Apple, and Alphabet, Facebook Inc. FB, +2.76% is also being probed. And market valuations are likely to climb, analysts predict. Last week, Wedbush Securities analyst Daniel Ives predicted so-called FAANG companies will lead the industry’s stocks up another 25% in 2020. Meanwhile, longtime Apple analyst Gene Munster believes Apple can reach $2 trillion in 2020.
Jon Swartz Jon Swartz is a senior reporter for MarketWatch in San Francisco, covering many of the biggest players in tech, including Netflix, Facebook and Google. Jon has covered technology for more than 20 years, and previously worked for Barron's and USA Today. Follow him on Twitter @jswartz.
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